Spotlight

Indian markets are expected to open on a mildly positive note, supported by firm GIFT Nifty cues and slightly higher Asian markets, following a modestly positive close on Wall Street overnight. However, investors are likely to remain cautious amid elevated crude oil prices, rising global bond yields and ongoing geopolitical tensions. The rise in crude has heightened concerns over persistent inflationary pressures, which could delay monetary easing or reinforce expectations of higher interest rates. This backdrop is likely to remain challenging for rate-sensitive sectors, particularly banking.
 
On the geopolitical front, U.S. President Donald Trump has indicated that the renewed U.S.-Iran fighting is unlikely to last long. However, uncertainty surrounding the conflict continues to remain an overhang for global markets, particularly due to its implications for energy supply and crude oil prices.

Technical view 

Nifty 50 

Nifty 50 continues to exhibit a weak technical setup, with selling pressure persisting at higher levels. On the upside, the 24,000–24,200 region is likely to act as the immediate resistance band. A sustained move above 24,200 would be required to stabilize the near-term structure, while a decisive breakout above 24,400 would strengthen bullish momentum and signal a meaningful recovery.  
 
On the downside, the 23,800 zone remains the immediate and crucial support level. A decisive break below this region could intensify selling pressure and drag the index towards the 23,600 level. Overall, the near-term technical outlook remains weak. The 23,800 level will be crucial to defend against further downside, while the 24,000–24,200 region remains the key hurdle for any meaningful recovery attempt.

Bank Nifty 

Bank Nifty continues to exhibit a weak technical structure after slipping below its key 20-day and 50-day EMAs. On the upside, the 57,500–57,600 region remains the key resistance zone. A sustained move above this band would be required to stabilize the near-term structure and could pave the way for an advance towards the 58,000 mark. Until the index reclaims this zone decisively, recovery attempts are likely to face selling pressure. 
 
On the downside, the 56,800–56,600 region remains the important support band and a crucial downside cushion. A decisive break below 56,600 could intensify selling pressure and expose the index to further lower levels. Overall, the near-term technical outlook remains cautious-to-weak.